A wealthy man just died and left his pet dogs the following estate: $20,000 per year for the next 11 years with the first cash f
2 answers:
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Answer:
1.) 9.2
2.)
625
633
the dealer
8.81
Step-by-step explanation:
I'm gonna assume that cm= compounded monthly
1.)
effective rate: .153/12= .01275
x= payments
2.)
If there is no interest rate attached to financing through the deal the payment is just
37500/60 = 625
The monthly payment from the bank has a present value of 37500-3000=34500
and the effective rate is .039/12= .00325
Finally, the amount we save is just the difference
633.81-625=8.81
